What is Global Synthetic Rubber Market?
The Global Synthetic Rubber Market is a vast and dynamic sector that plays a crucial role in numerous industries worldwide. Synthetic rubber is a man-made elastomer, a polymer material that possesses elasticity, created from petroleum byproducts through a process called polymerization. This material is primarily used as a substitute for natural rubber in many applications due to its superior resistance to heat and aging. The global synthetic rubber market was valued at US$ 33120 million in 2023 and is projected to reach US$ 38640 million by 2030, growing at a CAGR of 2.2% during the forecast period 2024-2030. This growth is driven by the increasing demand for synthetic rubber in various industries, including automotive, construction, and industrial sectors, among others.
Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Styrenic Block Copolymer (SBC), Ethylene Propylene Diene Monomer (EPDM), Butyl Rubber (IIR), Nitrile Butadiene Rubber (NBR), Others in the Global Synthetic Rubber Market:
The Global Synthetic Rubber Market is segmented into various types, including Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Styrenic Block Copolymer (SBC), Ethylene Propylene Diene Monomer (EPDM), Butyl Rubber (IIR), Nitrile Butadiene Rubber (NBR), and others. Each type of synthetic rubber has unique properties that make it suitable for specific applications. For instance, SBR is widely used in tire manufacturing due to its excellent abrasion resistance and aging stability. On the other hand, EPDM is known for its superior heat, ozone, and weather resistance, making it ideal for outdoor applications. The market for these synthetic rubbers is relatively concentrated, with the top 10 players accounting for nearly 50% of the market share.
Automotive, Construction, Industrial, Others in the Global Synthetic Rubber Market:
Synthetic rubber finds extensive usage in various sectors such as automotive, construction, industrial, and others. In the automotive industry, synthetic rubber is used in the manufacturing of tires, hoses, belts, and other components due to its excellent durability and resistance to heat and chemicals. In the construction sector, it is used in roofing materials, sealants, and adhesives because of its weather resistance and flexibility. The industrial sector also utilizes synthetic rubber in the production of gaskets, seals, and protective clothing. The automotive sector is the largest consumer of synthetic rubber, accounting for over 60% of the market share.
Global Synthetic Rubber Market Outlook:
In 2023, the global Synthetic Rubber market was valued at US$ 33120 million. It is expected to grow to US$ 38640 million by 2030, indicating a Compound Annual Growth Rate (CAGR) of 2.2% during the forecast period of 2024 to 2030. The market for synthetic rubber is somewhat concentrated, with the top ten players accounting for nearly half of the market share. The Asia Pacific region dominates the global market share, accounting for over 55%. The automotive industry is the largest consumer of synthetic rubber, holding over 60% of the market share.
| Report Metric | Details |
| Report Name | Synthetic Rubber Market |
| Accounted market size in 2023 | US$ 33120 million |
| Forecasted market size in 2030 | US$ 38640 million |
| CAGR | 2.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Arlanxeo, Sinopec, Kumho Petrochemical, CNPC, TSRC, ExxonMobil, Goodyear, NKNK, JSR, Sibur, LG Chem, Versalis, LCY, Kraton, Zeon |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
